Is there a car buyers remorse law in New York?

Answer:

You have 3 days

This is actually completely false.

Under New York law, all contracts with a value of $500 or more must be in writing, or they are not binding. Consumers who agree by telephone to contracts with a total value of $500 or more without a subsequent written contract are not protected by state law, which makes oral agreements for the sale of goods of $500 or more unenforceable.

Consumers often ask the New York Attorney General's office whether they can cancel a contract after signing. There is no general "cooling-off" law in New York. Consumers should be very wary of salespeople who tell them differently.

There are some consumer cancellation rights under the New York buyers remorse laws, however. Whether these rights are applicable depends on the facts and circumstances surrounding each contract. Under the Federal Trade Commission's Cooling Off Rule, a consumer has until midnight of the third business day after a contract was signed to cancel either of the following:

· Door-to-door sales contracts for more than $25, or

· A contract for more than $25 made anywhere other than the seller's normal place of business-for instance, at a sales presentation at a hotel or restaurant, outdoor exhibit, computer show or trade show (other than public car auctions and craft fairs).

A federal law called the Truth in Lending Act lets a consumer cancel a home improvement loan, second mortgage or other loan where the consumer pledged his or her home as security (except for a first mortgage) until midnight of the third business day after the contract was signed.

A number of state laws collectively called the New York buyers remorse laws allow a consumer to cancel written contracts covering the purchase of certain goods or services within a few days of signing, including contracts for dance or martial arts lessons, health club memberships, and home food service plans. Consumers also have the right to cancel contracts with charitable organizations, membership campgrounds, home improvement contracts, prize award schemes, personal emergency service response agreements, sale of foam insulation, dating services, weight loss programs, time-share properties and hearing aids. In most cases, the contract must be cancelled within 3 to 7 business days.

However, be aware that the Cooling-Off Rule does not apply in all situations. Exceptions to the Rule are sales made at the seller's usual place of business, sales made exclusively by mail or phone, real estate, insurance, and securities sales, sales for emergency home repairs, sales that begin in the seller's usual place of business and finish with a contract signing in your home, and sales of goods or services not intended for personal, family, or household purposes.

The sale and leasing of automobiles, one of the most expensive purchases made by many New Yorkers, is not currently covered under the Cooling-Off Rule. To address this, I have sponsored two pieces of legislation (A.5151 and A.5411). The first bill, A.5151, would give consumers a three day cooling-off period to cancel contracts for automobiles sales and leases. The second bill, A.5411, would allow consumers a one day cooling-off period to cancel such contracts.

Hope this helps, and as a dealership employee, we will not take a vehicle back.